Bitcoin Fork Faces Exchange of Cryptocurrency Delisting after 51% attack


  bitcoin gold

Three months after Bitcoin Gold fell victim to a 51% high-profile attack, one of the cryptocurrency exchanges affected by this exploit threatens to remove the BTG unless currency developers contribute to cover losses.

Last week, the Bitcoin Gold organization announced on its official website that Bittrex, a top-30 cryptocurrency exchange in volume and one of the few to offer pairs of dollars, informed the project that it will eliminate BTG from the the former refused to repay the 12.372 BTG that the hackers stole from the company's hot wallet.

As reported by CCN at that time, the attackers managed to steal an estimated $ 18 million worth of BTG from multiple cryptocurrency platforms using rented mining platforms to accumulate most of the Hashpower of the Bitcoin Gold network. This allowed them to execute a double expense attack, through which they rewrote the recent blockchain data to reverse payments and steal funds from exchanges.

Bitcoin Gold, which has updated the BTG protocol to a new hashing algorithm in response to the incident, states that it is not responsible for losses incurred by Bittrex.

The organization wrote:

"In spite of all our efforts, Bittrex was the victim of BTG's last and greatest double effort by attackers, and the attackers deposited 12,371 BTGs from the portfolio previously Several hours later, Bittrex allowed them to exchange that BTG and withdraw a certain amount of other coins, and then the attackers used the 51% attack to spend twice the BTG, invalidating their original deposit. (We do not know the net value of the loss of Bittrex since they did not reveal the value of the coins that allowed them to be withdrawn.) "

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It is said that Bittrex has informed BTG that it will eliminate the cryptocurrency unless the hel ps project covers losses from a double-spending attack in May.

The BTG organization also claims that Bittrex subsequently lowered their claim to 6,000 BTGs, claiming they would cover the remaining losses from their reserves. Nonetheless, the project also rejected this offer, stating that "we do not have the power to provide funding from Endowment in order to cover the losses of a private company from its own security failures."

"We believe it is clear that we have made every reasonable effort to try to help ensure Bittrex's security against this threat," the statement added.

As of Friday morning, BTG has an average price of $ 19.23, making it the 28th most valuable cryptocurrency with a market capitalization of $ 330 million. This represents a 96% drop from the historical maximum of cryptocurrency, according to OnChainFX data.

Bittrex did not respond immediately to a request for comment sent outside of local business hours.

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